FOMC Chairman Jerome Powell comments on the policy outlook after the Federal Reserve's decision to raise the policy rate by 25 basis points to the range of 5-5.25% following the May policy meeting.

Key quotes

"Support for rate hike today was very strong."

"There were a number of policymakers at today's meeting talking about pausing, but not so much at this meeting."

"There is a sense we are much closer to the end than the beginning."

"We feel like we are close, or maybe even there."

"We can afford to look at the data and make a careful assessment."

"Speed of SVB run needs to be reflected in supervision, regulation."

"It's clear we need to strengthen supervision, regulation for large banks."